Wall Street knows the power a short seller or a market pundit can have over investor sentiment. But what about a reality star? Or a pop queen?
Just a few weeks after Kylie Jenner sent Snap Inc. (SNAP) stock reeling 8% with a single tweet, Rihanna served up another sucker punch to shares, ultimately throwing gas on the flames that have sent Snap stock down 15% in a month.
But investors shouldn't be surprised that these offhand comments throttled Snap shares. The company acknowledged that very risk in its 10-K last month, essentially saying Snap could get put through the wringer if social media influencers turn their backs on its Snapchat application. If you invest in Snap stock without reading its annual report, you could be one of the dumbest on Wall Street.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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